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Search Results 0 to 3 of about 4 (some duplicates have been removed)
that obama will discuss measures for avoiding the rest of the automatic spending cuts and tax hikes that will bite if lawmakers fail to come up with a plan. >> pessimism remains the prevailing mood in washington as the january deadline rapidly approaches. neither democrats nor republicans have any new proposals for a workable compromise. >> the starbucks coffee chain has urged its workers in washington, d.c., area to write "come together" on the cups, a plea for party leaders to work out a compromise, but some customers say that is not enough. >> i mean, i like with starbucks is riding on the cups. i wish they would write, like, something else, like "republicans, stop being stupid." >> i think the solution will probably be neutered and not very effective, but ultimately, i think they will avoid the fiscal cliff. >> but neither side appears willing to give in. democrats, for example, are frustrated that republicans will not agree to raise taxes on the wealthy. >> the majority of rich people in our great country are willing to pay more. the only people who disagree with that are repub
. in other news, u.s. president barack obama has broken off his christmas vacation to resume talks on the so-called fiscal cliff, taxes and spending cuts unless democrats and republicans reach a deal by new year's eve. >> nearly all the major players in those negotiations are starting to agree on one thing, and that is that a deal is virtually impossible by that deadline. senior officials say there is little hope of a grand bargain to shave trillions of dollars off of america's mountain of debt. >> applause for the bell at the start of the trading day is a daily ritual at the new york stock exchange, despite the enthusiasm, traders are keeping an anxious eye on share prices. the fiscal cliff is on everyone's mind. u.s. treasury secretary timothy geithner has warned that his department will need to take extraordinary measures to postpone the upcoming government defaults. he plans adjustments to the national budget that would give the u.s. two months of grace. president barack obama has said he is still hopeful that a resolution can be reached this year. he cut short his vacation in hawaii to
a basic package for a vote. obama has been pushing republicans to limit tax breaks to people making less than $250,000 a year. he also at one point raised the threshold to $400,000. but the republicans want the hikes to apply to people who make an annual income of $1 million or more. obama also wants to extend unemployment insurance to 2 million americans. some analysts believe the challenge of t-- the chance of deal is slim. they say the economic impact will be worse the longer uncertainty persists. >> reporter: we think it is highly unlikely, more in a two in three chance that we will go past january 1st date with no agreement on the fiscal cliff. the failure of congress to act before the fiscal cliff deadline has disrupted financial markets and raised uncertainty, and that heightened uncertainty in the near term will depress economic growth further, primarily through lower household spending and business investment. already household attitudes have deteriorated sharply in response to the fiscal cliff worries, and we think this will lead to a sharp slowdown in economic activity in the
Search Results 0 to 3 of about 4 (some duplicates have been removed)